v2.4.0.6
EMPLOYEE RETIREMENT PLANS (Tables)
12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Schedule of Weighted Average Plan Assets Allocation [Table Text Block]
The Company’s pension plan’s weighted average asset allocation at December 31, 2013 and 2012, by asset category, was as follows:
 
 
 
 
Plan Assets at December 31,
  
 
2013
 
2012
Asset Category:
 
 
  
 
 
 
  
 
Equity Securities
 
 
56%
 
 
 
52
Fixed Income Securities
 
 
35%
 
 
 
40
Other
 
 
9%
 
 
 
8
Total
 
 
100%
 
 
 
100
Schedule of Assumptions Used to Determine, Net Funded Status of Plan [Table Text Block]
Assumptions used in determining the funded status at December 31, 2013 and 2012 were:
 
 
 
 
2013
 
2012
Discount rate
 
 
5.03%
 
 
 
4.23
Rate of compensation increase
 
 
4.50%
 
 
 
4.50
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]
The following is a reconciliation of the change in benefit obligation and plan assets of both the defined benefit pension plan and the unfunded supplemental pension plan for the years ended December 31, 2013 and 2012:
 
 
 
 
 
 
Defined Benefit
Pension Plan
 
Supplemental
Pension Plan
  
 
2013
 
2012
 
2013
 
2012
  
 
(Dollars in thousands)
Change in projected benefit obligation
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Projected benefit obligation, beginning of year
 
$
43,452
 
 
$
39,523
 
 
$
12,270
 
 
$
13,870
 
Service cost
 
 
1,406
 
 
 
1,236
 
 
 
320
 
 
 
236
 
Interest cost
 
 
1,832
 
 
 
1,800
 
 
 
570
 
 
 
516
 
Plan amendments
 
 
 
 
 
 
 
 
 
 
 
(1,415
Actuarial (gain) loss
 
 
(3,466)
 
 
 
2,532
 
 
 
(468)
 
 
 
(576
Benefits paid
 
 
(1,754)
 
 
 
(1,639
 
 
(355)
 
 
 
(361
Projected benefit obligation, end
of year
 
$
41,470
 
 
$
43,452
 
 
$
12,337
 
 
$
12,270
 
Change in plan assets
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Fair value of plan assets, beginning of year
 
 
27,819
 
 
 
26,655
 
 
 
 
 
 
 
Actual return on plan assets
 
 
4,316
 
 
 
2,932
 
 
 
 
 
 
 
Administrative expenses
 
 
(141)
 
 
 
(129
 
 
 
 
 
 
Contributions
 
 
1,282
 
 
 
 
 
 
355
 
 
 
361
 
Benefits paid
 
 
(1,754)
 
 
 
(1,639
 
 
(355)
 
 
 
(361
Fair value of plan assets, end of year
 
$
31,522
 
 
$
27,819
 
 
$
 
 
$
 
Funded status of plan
 
$
(9,948)
 
 
$
(15,633
 
$
(12,337)
 
 
$
(12,270
Amounts recognized in the consolidated balance sheets consist of:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Accrued liabilities – other
 
$
 
 
$
 
 
$
(384)
 
 
$
(373
Long-term pension liability
 
 
(9,948)
 
 
 
(15,633
 
 
(11,953)
 
 
 
(11,897
Net amount recognized
 
$
(9,948)
 
 
$
(15,633
 
$
(12,337)
 
 
$
(12,270
Amounts recognized in accumulated other comprehensive loss consist of:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Accumulated loss, net of income tax benefit of $4,054, $6,735, $1,729 and $2,102, respectively
 
$
6,341
 
 
$
10,534
 
 
$
2,705
 
 
$
3,288
 
Prior service cost (credit), net of income tax benefit (liability) of $1, $1, ($358) and ($402), respectively
 
 
1
 
 
 
1
 
 
 
(559)
 
 
 
(628
Net amount recognized
 
$
6,342
 
 
$
10,535
 
 
$
2,146
 
 
$
2,660
 
Schedule of Assumptions Used [Table Text Block]
Assumptions used in determining net periodic pension cost for the years ended December 31, 2013, 2012 and 2011 were:
 
 
 
 
 
2013
 
2012
 
2011
Discount rate
 
 
4.23%
 
 
 
4.60
 
 
5.40
Rate of compensation increase
 
 
4.50%
 
 
 
4.50
 
 
4.50
Long-term rate of return on plan assets
 
 
7.75%
 
 
 
7.75
 
 
8.00
Schedule of Net Benefit Costs [Table Text Block]
The components of net periodic pension cost for the years ended December 31, 2013, 2012 and 2011, were:
 
 
 
 
 
2013
 
2012
 
2011
  
 
(Dollars in thousands)
Benefits earned during the period
 
$
1,726
 
 
$
1,472
 
 
$
1,212
 
Interest cost on projected benefit obligation
 
 
2,403
 
 
 
2,317
 
 
 
2,373
 
Expected return on plan assets
 
 
(2,094)
 
 
 
(1,994
 
 
(2,021
Net amortization and deferral
 
 
1,702
 
 
 
1,612
 
 
 
1,272
 
Net pension expense
 
$
3,737
 
 
$
3,407
 
 
$
2,836
 
Schedule of Expected Benefit Payments [Table Text Block]
Projected benefit payments for the plans as of December 31, 2013 were estimated as follows:
 
 
 
 
Defined Benefit Pension Plan
 
Supplemental Pension
Plan
  
 
(Dollars in thousands)
2014
 
$
1,927
 
 
$
384
 
2015
 
$
1,993
 
 
$
394
 
2016
 
$
2,098
 
 
$
421
 
2017
 
$
2,174
 
 
$
430
 
2018
 
$
2,277
 
 
$
454
 
2019 – 2023
 
$
12,855
 
 
$
2,941
 
Schedule of Allocation of Plan Assets [Table Text Block]
The following table summarizes the fair value of the Company’s pension plan assets as of December 31, 2013 by asset category within the fair value hierarchy (for further level information, see Note 4):
 
 
 
 
 
 
December 31, 2013
  
 
Quoted Prices in
Active
Markets
 
Significant
Observable
Inputs
 
Significant
Unobservable
Inputs
 
  
 
Level 1
 
Level 2
 
Level 3
 
Total
  
 
(Dollars in thousands)
Common stocks
 
$
13,339
 
 
$
1,470
 
 
$
 
 
$
14,809
 
Preferred stocks
 
 
786
 
 
 
 
 
 
 
 
 
786
 
Exchange traded funds
 
 
2,761
 
 
 
 
 
 
 
 
 
2,761
 
Corporate obligations
 
 
 
 
 
4,636
 
 
 
 
 
 
4,636
 
State and municipal obligations
 
 
 
 
 
538
 
 
 
 
 
 
538
 
Pooled fixed income funds
 
 
4,150
 
 
 
 
 
 
 
 
 
4,150
 
U.S. government securities
 
 
 
 
 
838
 
 
 
 
 
 
838
 
Cash and cash equivalents
 
 
2,927
 
 
 
 
 
 
 
 
 
2,927
 
Subtotal
 
 
23,963
 
 
 
7,482
 
 
 
 
 
 
31,445
 
Other assets(1)
 
 
 
 
 
 
 
 
 
 
 
77
 
Total
 
 
 
 
 
 
 
 
 
 
$
31,522
 
 
(1)
This category represents trust receivables that are not leveled.
The following table summarizes the fair value of the Company’s pension plan assets as of December 31, 2012 by asset category within the fair value hierarchy (for further level information, see Note 4):
 
 
 
 
 
 
December 31, 2012
  
 
Quoted Prices in Active Markets
 
Significant Observable Inputs
 
Significant Unobservable Inputs
  
 
Level 1
 
Level 2
 
Level 3
 
Total
  
 
(Dollars in thousands)
Common stocks
 
$
10,169
 
 
$
1,118
 
 
$
 
 
$
11,287
 
Preferred stocks
 
 
1,038
 
 
 
 
 
 
 
 
 
1,038
 
Exchange traded funds
 
 
3,194
 
 
 
 
 
 
 
 
 
3,194
 
Corporate obligations
 
 
 
 
 
4,573
 
 
 
 
 
 
4,573
 
State and municipal obligations
 
 
 
 
 
574
 
 
 
 
 
 
574
 
Foreign obligations
 
 
 
 
 
16
 
 
 
 
 
 
16
 
Pooled fixed income funds
 
 
3,212
 
 
 
 
 
 
 
 
 
3,212
 
U.S. government securities
 
 
 
 
 
1,584
 
 
 
 
 
 
1,584
 
Cash and cash equivalents
 
 
2,264
 
 
 
 
 
 
 
 
 
2,264
 
Subtotal
 
 
19,877
 
 
 
7,865
 
 
 
 
 
 
27,742
 
Other assets(1)
 
 
 
 
 
 
 
 
 
 
 
77
 
Total
 
 
 
 
 
 
 
 
 
 
$
27,819
 
 
(1)
This category represents trust receivables that are not leveled.